No. 7/2018 INSOLVENCY Cap. 6:07 (b) may delegate any power or function of the practitioner to a person who was part of the board or pre-existing management of the company; (c) may appoint a person as part of the management of a company, whether to fill a vacancy or not, subject to subsection (3); (d) is responsible for(i) developing a corporate rescue plan to be considered by affected persons, in accordance with Sub-Part D of this Part; and (ii) implementing any corporate rescue plan that has been adopted in accordance with Sub-Part D of this Part. (2) The corporate rescue practitioner must, as soon as practicable after appointment, inform all relevant regulatory authorities having authority in respect of the activities of the company, of the fact that the company has been placed under corporate rescue proceedings and of his or her appointment. (3) Except with the approval of the Court on application by the corporate rescue practitioner, a practitioner may not appoint a person as part of the management of the company, or an advisor to the company or to the practitioner, if that person(a) has any other relationship with the company such as would lead a reasonable and informed third party to conclude that the integrity, impartiality or objectivity of that person is compromised by that relationship; or (b) is an associate of a person who has a relationship contemplated in paragraph (a). (4) During a company's corporate rescue proceedings, the corporate rescue practitioner(a) is an officer of the Court, and must report to the Court in accordance with any applicable rules of, or orders made by, the Court; and (b) has the responsibilities, duties and liabilities of a director of the company; and (c) other than as contemplated in paragraph (b)(i) is not liable for any act or omission in good faith in the course of the exercise of the powers and performance of the functions of a practitioner; but (ii) may be held liable in accordance with any relevant law for the consequences of any act or omission amounting to gross negligence in the exercise of the powers and performance of the functions of a practitioner. (5) If the corporate rescue process concludes with an order placing the company in liquidation, any person who has acted as corporate rescue practitioner during the corporate rescue process may not be appointed as liquidator of the company. 134 Investigation of affairs of company ( 1) As soon as practicable after being appointed, a corporate rescue practitioner must investigate the company's affairs, business, property, and financial situation, and after having done so, consider whether there is any reasonable prospect of the company being rescued. (2) If, at any time during corporate rescue proceedings, the practitioner cone! udes that(a) there is no reasonable prospect for the company to be rescued, the practitioner must- 296